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      "text": "Market Cap: $1.7 billion",
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      "text": "DNMR gives us a lot of these flags. In our view, DNMR has misled investors about having over $200 million of “take or pay” agreements. We feel it has misled investors by stating that its only impediment to selling more product is lack of capacity when the products it hopes to sell do not yet exist. It expressly claimed that it can sell everything it produces, but in actuality the demand for its products appears to be quite weak. DNMR has announced four iterations of its capacity expansion plan in eight months, which indicates that it is likely to waste significant time and money trying to scale. Yet, DNMR’s purchase of Novomer seems to be a tacit admission that its fermentation might not scale. In 2015, DNMR claimed that Bainbridge had 60 million pounds per year of capacity; but, today it’s supposedly just a demonstration plant. DNMR has tried to mislead investors into believing that bag developed with PepsiCo is PHA when it is really PLA-based. DNMR claims its TAM is approximately $1 trillion, which probably qualifies DNMR for the TAM Exaggeration Hall of Fame.",
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      "text": "Danimer has been trying to commercialize PHA since 2007 when it bought the technology from Procter & Gamble after P&G had itself spent over a decade trying to develop a PHA business. Logically, what changed in the 13 years since DNMR began developing its PHA business? To us, the key change was that due to Covid, there was suddenly a flood of unsophisticated money being sprayed at developmental companies through SPACs. Can infusing DNMR with hundreds of millions of dollars make its PHA business “real”? We think not.",
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      "text": "Hope is not a plan. So how do you figure out whether an early stage technology company will succeed? The short answer is to “play the man, not the ball.” Because it’s nearly impossible to effectively evaluate early stage tech, we look for behaviors that indicate a company is not “real” and likely won’t be. One example would be a company rolling a truck down a hill, or a company claiming that it has numerous “binding” commitments when in reality, there are very few.",
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      "text": "1 Hat tip to Hindenburg Research.",
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      "text": "Report Date: September 15, 2021; Industry: Bioplastics; Company: Danimer Scientific, Inc.; Stock Price: $17.24; Ticker: DNMR US; Market Cap: $1.7 billion; Float: 60.8%; Average Daily Volume (90-day): $33.4 million",
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